The Vietnam National Oil and Gas Group (PetroVietnam) pumped 4.8 million tonnes of crude oil in the first four months of 2018, exceeding the target by 1.7 per cent.

PetroVietnam earns VNĐ177.1 trillion (US$7.79 billion) in revenue in the first four months of this year, up by 12 per cent year-on-year. — Photo petrolvietnam

This also accounted for 36.2 per cent of its annual goal.

Domestic production fetched 4.16 million tonnes, 1.6 per cent higher than the target, while its exploitation abroad was 0.63 million tonnes, exceeding the target by 2.3 per cent.

Alongside crude exploitation, all major business and production indicators of the firm also surpassed the targets. Gas production was 3.55 billion cubic metres, 4.7 per cent higher than the target and equivalent to 37 per cent of the yearly plan. From January to April, the group produced 7.73 billion kilo-watt hours of power, 549,000 tonnes of nitrogen and 2.32 million tonnes of petrol.

Total revenue of PetroVietnam in the first four months of this year was VNĐ177.1 trillion (US$7.79 billion), up by 12 per cent year-on-year. The firm contributed VNĐ31.5 trillion to the State budget, a rise of 17 per cent over the same period last year. Its after-tax profit was VNĐ7.6 trillion, surpassing the target by 22 per cent.

After three years of halt, the group’s Đình Vũ polyester manufacturing plant resumed operations with three production chains on April 20. As of April 30, the plant produced 46.7 tonnes of high-quality fibre. In May, it is expected to produce 200 tonnes of fibre.

According to PetroVietnam, the group continues to face many difficulties in 2018 as crude oil prices remain low, while reduction is predicted in the output of major oil wells this year, which will seriously affect the completion of domestic output targets.

Meanwhile, unforeseeable and complicated developments in the East Sea are affecting PetroVietnam’s exploration and exploitation activities as well as attraction of foreign investment in the field.

At the same time, competition in the oil and gas market has become more fierce, posing challenges to PetroVietnam’s services companies.

To cope with the difficulties, PetroVietnam has undertaken a number of measures to fulfil the set targets for this year.

As of April 2018, all units of the firm managed to maintain normal operations, with all production indicators exceeding the goals by 2 to 18 per cent.